Business
Champion Breweries posts 111% revenue growth, launches N58bn capital raise after Bullet acquisition
Champion Breweries Plc has reported a 111 per cent rise in revenue for the first half of 2025, alongside a 692 per cent leap in profit after tax, following its acquisition of Bullet, Nigeria’s leading ready-to-drink alcoholic brand.
The company said the acquisition, completed earlier this year, is expected to account for more than 70 per cent of its revenue while significantly boosting foreign currency earnings across 14 African markets.
At the Nigerian Exchange’s Facts Behind the Figures session, Champion Breweries Managing Director, Inalegwu Adoga, described the deal as “transformative,” positioning the company for multi-market growth.
“Bullet gives us scale, high-margin growth, and international reach. With this acquisition, we are evolving from a strong regional brewer into a multi-market, multi-category growth platform with international relevance,” Dr. Adoga said.
To finance the acquisition and fund future expansion, Champion Breweries has launched a N58 billion capital raise programme, split between a N42 billion public offer and a N16 billion rights issue. Proceeds will be used to pay for the Bullet acquisition, strengthen working capital, support market expansion, and advance sustainability initiatives.
The company also plans technology and operational upgrades, including an enterprise resource planning system, returnable packaging solutions, and renewable energy investments. These include converting its Uyo brewery to solar power, adopting compressed natural gas for its logistics fleet, and cutting plastic waste through new packaging technologies.
Majority shareholder enJOYcorp underscored the long-term growth potential of the acquisition. Its Managing Director and Champion Breweries Board Member, David Butler, said: “Bullet expands Champion’s reach across Africa, diversifies earnings into foreign currencies, and strengthens its portfolio with trend-driven products. This is a landmark step towards building transformative African beverage brands that can compete globally.”
